Professor of Applied Economics at Johns Hopkins University in the United States, Steve Hanke, who is a vocal Bitcoin opponent, has taken to Twitter to share why he does not believe in Bitcoin as a currency.
Earlier this week, Hanke trashed Bitcoin in a tweet. However, this time, he also shared three things that, he believes, will continue to bring trouble to the flagship cryptocurrency.
3 negative things about BTC per Hanke
The economist tweeted that, for him, Bitcoin is nothing more than a highly speculative asset and not a currency, by any means. According to him, the following three things will continue to give it a bad name: Bitcoin's unreliability, lack of stability and susceptibility to fraud.
Hanke urged his followers not to be tricked into buying Bitcoin, since doing so would be a "fool's game."
The pasquinade picture Hanke shared with his tweet seems to precisely show his attitude to the leading digital coin – it says Bitcoin is "backed by thin air" and has an inscription saying "in luck we trust."
Bitcoin is a highly speculative asset, not a currency. Unreliability, lack of stability, and susceptibility to fraud will continue to plague this cryptocurrency. Don't be tricked, buying Bitcoin is a fool's game. pic.twitter.com/yXWz1u4wuE— Steve Hanke (@steve_hanke) March 28, 2023
Hanke comments on recent charge of FTX founder
In an earlier tweet, Hanke shared a Financial Times article about the founder of infamous crypto trading giant FTX that went bankrupt last November, along with its trading firm, Alameda Research. FTX failed to meet the massive wave of withdrawals initiated by its customers.
FLASH: The US has charged former FTX CEO Sam Bankman-Fried with paying a $40M bribe in the form of crypto to Chinese government officials. The new bribery charge was added to TWELVE counts already faced by SBF.https://t.co/IJBbHJgM7G— Steve Hanke (@steve_hanke) March 28, 2023
The founder, former billionaire Sam Bankman-Fried, has now been accused of bribing one or more Chinese officials to unfreeze trading accounts linked to Alameda Research. The bribe was in the range of $40 million in cryptocurrency.
Hanke shared a quote from the article, stressing that this new charge has now been added to the 12 counts Sam Bankman-Fried already faces. By sharing this article, Steve Hanke sort of confirmed his later tweet, in which he labeled the flagship crypto as linked to fraudsters.